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Brokerage First Shanghai maintains a 'buy' rating for China Water (00855), pointing out its core business stability and entering a high-quality development stage.
First Shanghai issued a report commenting on China Water's (00855) performance for 23/24 fiscal year. During the reporting period, the company's revenue decreased by 9.4% year-on-year to HKD12.86 billion, and net income decreased by 16.1% year-on-year to HKD2.59 billion. The non-generally accepted accounting principles net profit, excluding the impact of exchange rate fluctuations, also decreased by 4.0% year-on-year. The decline in the company's performance during the reporting period was mainly due to the decrease in non-core business income and the reduction in connecting and construction service income for urban water supply and environmental protection businesses. Although the company's performance declined in the 23/24 fiscal year, its core business, such as water supply, drinking water, and environmental protection operation services, remained stable.
Brokerage focuses on First Shanghai's initial buy rating of Kuaishou (01024), with a target price of 60 Hong Kong dollars and expected high-speed profit growth.
Jingu Cai Xun | First Shanghai covers Kuaishou (01024) for the first time. It is expected that as user stickiness and commercial capabilities continue to improve, the company's advertising and e-commerce business will grow rapidly. The target price of the company is HKD 60, corresponding to 13 times PE in 2025, and there is a 26% upside potential compared to the current price. A buy rating is given. The bank pointed out that online marketing business is one of Kuaishou's main sources of disciples, and its revenue maintains steady growth, while internal circulating advertising is expected to become the main driving force of Kuaishou's advertising revenue. As for the e-commerce business, as an important engine for Kuaishou's future growth, Kuaishou has opened up a cross-category shelf scene.
Brokerage Focus: First Shanghai initiates a buy rating for PetroChina (00857) with a target price of HKD 10.06.
First Shanghai's research report states that PetroChina (00857), as an oil & gas company with integrated operation in the upstream exploration, development, storage and transportation, midstream refining and chemical, downstream sales, has strong risk resistance. At the same time, as the oil company with the largest reserves in China, the company has excellent resource endowment. The policy background of increasing reserves and production highlights the company's full industry chain advantages, and the income level of midstream and downstream business is expected to be significantly improved. The bank believes that the oil and gas mining sector revenue of the company is highly positively correlated with international oil prices, and upstream oil and gas resource business will operate at high oil prices.
First Shanghai: Tencent (00700) released Xingmai Network 2.0 AI large-scale model training efficiency increased by 20%.
The communication efficiency of Tencent's (00700) StarLink Network improved by 60%, and the MoE large model training efficiency improved by 20%.
Ruichang International Holdings (01334.HK) will start its IPO on June 28th with an offering price per share ranging from HKD 1.05 to HKD 1.39.
On June 28th, Glory Times reported that Ruichang International Holdings (01334.HK) announced that it plans to globally issue 125 million shares, sell 12.5 million shares in China's Hong Kong, sell 1.125 billion shares internationally, with an additional 15% over-allotment option; from June 28th, 2024 to July 5th, it will be accepting applications, with expected pricing date on July 8th; the sale price will be between HKD1.05-1.39 per share, with each trading unit being 2500 shares; First Shanghai is the sole sponsor; expected to begin trading on the Main Board of the Hong Kong Stock Exchange on July 10th, 2024.
New stock news|Richang International goes through hearing with HKEX. The company's market share in the domestic petroleum refining and petrochemical equipment industry is about 0.08%.
According to HKEX's disclosure on June 25th, Ruichang International Control Planning Co., Ltd. (hereinafter referred to as Ruichang International) went through the listing hearing on the HKEX main board, with First Shanghai as its exclusive sponsor.
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